5 Not-So-Obvious Banking Fees

2- Plan fees

A varying number of charges could be laid upon you depending on which type of account you open. Plans that are advertised as "free" cannot charge activation fees but can make you pay in other ways.

For instance, if you go under a predetermined minimum balance, there is a fee to be paid. Interest-bearing accounts generally have minimum requirements in the $2,000 range, while non-interest account minimums are $300-$400. If you asked for checks to be printed, there is a charge for that too. Those that accepted a credit card at a surprisingly low interest rate could have been subject to a teaser rate that will balloon after a few months of use.

All these little expenses can be avoided if you are inclined to read the small print, and we are not even considering the publicized $10 monthly service fee (on average). It does not make for entertaining reading, but sifting through a bank's material will help you find an account that suits your needs and won't hound you for every little action.

3- Transferring funds

Changing accounts, either within a bank or to another institution, can cost you extra as well. Those who decide that an everyday savings plan does not accommodate their needs and wish to switch to something else may have to pay. This can be described as a "cancellation fee," among other things. It penalizes those who must close an account and then open another.

The good thing is that if you have more than one type of account, a common practice that helps separate disposable income, there is no charge when money travels from one place to the next. Still, the scheme that many banks employ can catch customers by surprise as they decide to restructure their finances. Again, the only useful advice is to read up on your bank's policies.

4- Dealing with cards

Once you commit to a credit card through a bank, you have given yourself the freedom to "buy now, pay later," but have also opened the door to a world of potentially deadly fees. For every situation, there is some cost to go along with it.

Though most customers know that there are annual rates and interest on unpaid balances to pay for, many are unaware that only one late payment can lead the bank to hike your interest rate.

Several customers have been hit with unjustified late fees, while others have been sucked in to buying what banks describe as add-on products, like extra account protection and fraud alerts. These promotions may have some merit, but it has been observed that they sound more promising than they actually are.

Individuals who have misplaced their precious cards also fall into the bank's clutches. Varying rates are charged for card replacement. It is an unfortunate fact that though these cards are practical in today's world, there are many additional expenses to keep a keen eye on. The easiest way to avoid these problems is by staying on top of your monthly payments and being diligent — let no issue relating to your credit card slip through the cracks.